The Government of Saint Lucia has agreed to guarantee a loan for the National Lotteries Authority (NLA) from 1st National Bank Saint Lucia Limited to finance a transformative youth and sports infrastructure programme. The Lower House approved the motion tabled by the Minister of Finance to guarantee the amount.
The NLA will oversee the execution of rehabilitation works on several sporting facilities throughout Saint Lucia. The Mindoo Phillip Park, Marchand Grounds, Gros-Islet playing field and Daren Sammy Cricket Grounds will receive immediate attention to expedite Saint Lucia’s preparations to host group stage matches in the upcoming ICC Men’s T-20 Cricket World Cup in June, 2024. The funds will, also be invested in targeted youth programmes facilitated by key government agencies and NGOs.
The terms of the loan for the NLA are as follows:
The loan is repayable in fifteen years in biannual payments of three million, five hundred and seventy-one thousand, nine hundred and ninety-three dollars and seventy-eight cents inclusive of interest at a rate of four per cent per annum for the term of the loan.
The Government of Saint Lucia is NOT directly responsible for paying the loan. The NLA is obligated to service the loan. Should the NLA default on the loan, the Government of Saint Lucia will intervene and make the necessary payment(s).